(Last Updated On: November 18, 2020)

The Russian economy will be losing $44 billion to cybercrime in 2020, due to the move to online caused by COVID-19, the Russian bank Sberbank said.

The pandemic aggravated cybersecurity issues because transactions have switched to online instead of cash, based on safety restrictions.

Russia’s biggest lender, Sberbank has about 100 million active clients, and the damage made to the economy might end up being doubled by 2021.

Deputy chairman of Sberbank’s executive board, Stanislav Kuznetsov said, “On average, we have to deal with 26 billion cybersecurity events every day.”

This year, bank cards related crimes in Russia have gone up 500%, data from the interior ministry showed. The bank said that it has a 100% success rate to fight off cyber attacks.

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